NFTs Are Shaking Up the DeFi Sphere
NFT, An enormous alliance between the art and cryptocurrency ecosystem that is redefining the concept of ownership in the digital age.
The Non-Fungible Token is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. It can be used to represent items such as photos, videos, audio and other types of digital files.
Most importantly, NFTs make digital artworks unique and impossible to replicate therefore making it profitable. Now, artists, musicians, influencers, and sports franchises are using NFTs to monetize digital goods that have previously been inexpensive or free of charge. The technology also responds to the art world’s need for authentication and provenance in an increasingly digital world, permanently linking a digital file to its creator.
NFTs are currently taking the digital art and collectibles space by the storm. Digital artists are witnessing their lives change due to the new crypto-audience. Now it aspires to redefine the DeFi space by its immeasurable worth and profitable features.
NFTs have become one of the most revolutionary crypto-used cases of 2021, with overall sales up to 55% since 2020, from $250 million to $389 million. As of March 2021, it had further exponential growth and is estimated to mark at $6B by the end of the year.’
This incredibly growing NFT movement is indicative of a larger token revolution that will fuel massive innovation and growth in the Web 3.0 protocols.
Apart from evolving upon what the crypto ecosystem calls “over-collateralization”, TribeOne’s fundamental belief is that the NFT market is and will continue to expand in the years to come.
“If you are an artist and still don’t use NFT (Non-Fungible Token), you are potentially missing millions of dollars.”― Olawale Daniel
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